Trust me, I'm a doctor
Doesn't work like that, you can pretty much tell due to the fact that the move itself covers nearly the full screen yet batgirl could still teleport. You already knew that much, so theres no point explaining that bit further. I can see where you'd have the idea.
To make a more accurate idea of it, its what you see Bane players doing with d.2xxBP/d.1xxDP on wake-up. The d.1/d.2 eat through the invuln and allow the armored move to still be cancelled into. This works the same, it doesn't affect the invuln however it does still connect once a hitbox is present, its just a persisting hitbox through and through.
As I said though there are some wake-ups that really aren't too phased. The results are a bit mixed but I've found stuff like Bat-Evade and Wing-Evade allowing the users to bypass it and force the hitbox to fizzle out, but still keep Raven locked in that stance.